The news: The Supreme Court ruled that President Trump exceeded his authority in imposing broad tariffs on US trading partners. That could improve margins and steadier planning. The administration said it will look for other ways to put levies in place, including imposing a 15% global tariff. That means continued uncertainty for the foreseeable future.

• Under our December base case, which assumed tariffs stayed in place, US search ad spend was projected to reach $172.7 billion in 2027. Without those tariffs, search could climb to $177.8 billion—a $5 billion upside.
• By 2030, reversing the tariffs would add more than $24 billion to US retail sales relative to baseline; those incremental revenues would likely support additional retail media investment, which was already set to grow 17.8% this year.
• Social advertising would also see moderate gains in 2026 and 2027 as import-heavy advertisers regain flexibility. Total US social spend would reach $129 billion in 2026 and $146.7 billion in 2027, roughly $4.1 billion and $5.5 billion above baseline.